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Nasdaq Plunges As Tech Firms’ H1-B Visa “Abuses” May Be Targeted By Trump
From Tyler Durden: Following leaks this morning that the Trump administration is considering executive orders around the H1-B worker via program, tech stocks are tumbling with the Nasdaq down most since September.
Additionally, the S&P 500 just dropped 1.0% for the first time since October…
And VIX is spiking above key technical levels (50DMA) – the biggest spike since September…
At the crux of the tech worries is the H1-B visa program, which allows U.S. companies to import overseas talent to work for their companies. Tech companies like Apple, Microsoft, Google, and Amazon have all widely used the program to fill vacancies when no local (American) worker could be found to do the job. But allegations have surfaced of tech firms abusing the practice to fill roles with much cheaper foreign labor, instead of hiring higher-priced Americans.
With Trump reportedly considering big changes to the H1-B program via executive order, technology focused stocks are thus taking the brunt of today’s plunge.
The PowerShares QQQ ETF (NASDAQ:QQQ) was trading at $124.32 per share on Monday morning, down $1.48 (-1.18%). Year-to-date, QQQ has gained 4.93%, versus a 1.52% rise in the benchmark S&P 500 index during the same period.
QQQ currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 32 ETFs in the Large Cap Growth ETFs category.
This article is brought to you courtesy of ZeroHedge.
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